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VAT on Royalty
Under MVAT Act 2002, there is seprate entry for franchisee fees received.
Entry No C 39 rate of tax 4% read with notification no CR 114 dt 01.06.2005
| VAT-1505/CR-114/Taxation-1 dt 01/06/2005 |
| Modified List:- Goods of incorporeal nature or intangible character covered by Schedule Entry C-39 |
|
Serial No. |
Name of the goods of intangible or incorporeal nature |
|
(1) |
Patents |
|
(2) |
Trademarks |
|
(3) |
Import licences including exim scrips, special import licences and duty free advance licences. |
|
(4) |
Export Permit or licence or quota |
|
(5) |
Software packages |
|
(6) |
Credit of Duty Entitlement Pass Book |
|
(7) |
Technical know-how |
|
(8) |
Goodwill |
|
(9) |
Copyright |
|
(10) |
Designs registered under the Designs Act, 1911. |
|
(11) |
SIM cards used in Mobile Phones |
|
(12) |
Franchise, that is to say, an agreement by which the franchisee is granted representational right to sell or manufacture goods or to provide service or undertake any process identified or associated with the franchisor, whether or not a trade mark, service mark, trade name or logo or any symbol, as the case may be, is involved. |
|
|
Credits of Duty Free Replenishment Certificate |
|
|
Credits of Duty Free Import Authorisation ( |
(13)Thus franchise as such is liable to tax under mvat AT 4%
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